IEA - Gas Market Report, Q2 2023

The Gas Market Report for Q2-2023, prepared by the Gas, Coal, and Power Markets Division of the International Energy Agency (IEA), provides insights into the global gas market. The report highlights that LNG (liquefied natural gas) has become a significant source of gas supply for Europe, accounting for two-thirds of the region's imports and meeting around one-third of its gas demand during the 2022/23 winter season. However, it is expected that OECD Europe's LNG imports will decline for the rest of the year due to lower injection needs and a continued decrease in European gas consumption. The report mentions that the pressure on European and global gas markets has eased in 2023 due to favorable weather conditions and timely policy actions. However, it emphasizes that the improved outlook for gas markets should not distract from measures to mitigate potential risks, as the global gas supply is expected to remain tight in 2023, and uncertainties exist. These uncertainties include adverse weather factors, lower availability of LNG, and the possibility of a further decline in Russian pipeline gas deliveries to Europe, which could lead to market tensions and price volatility. It is important to note that the views expressed in the report reflect those of the IEA Secretariat and may not necessarily reflect the views of individual member countries or specific funders or collaborators.